Mining companies rose to the top of the UK’s two biggest stock indices this morning, boosted by rising London copper prices.
Antofagasta, Anglo American and Rio Tinto led the pack on the FTSE 100, with shares up between two and three per cent this morning as copper prices were on track for their fourth weekly gain.
“Commodity stocks are helping boost the FTSE this morning, with Antofagasta leading the way after copper prices jumped to the highest level in over three years,” said Joshua Mahony, market analyst at IG.
Shares in Glencore and BHP Billiton were also on the rise.
On the FTSE 250, iron ore miner Ferrexpo, copper producer Kaz Minerals and steelmaker Evraz were among the top risers.
“The focus this week has been on China, which has seen strong construction and that’s led to higher demand for commodities,” said Rachel Winter, senior investment manager at Killik & Co, according to Reuters.
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